Lotus Bakeries FIRST LOOK : Three Continents, One Momentum: Lotus Turns Up the Heat
In FY25, Lotus Bakeries delivered a 10% revenue increase to a very nice € 1.355m (KBCSe 1.355m, CSS 1.346m), driven by continued strong volume growth in 2H25 for both Lotus Biscoff (57% of branded revenues, +13% y/y) and Lotus Natural Foods (25% of branded, +17% y/y). Lotus Bakeries highlighted that the partnerships with Mondelez advanced strongly, contributing positively to the 2025 revenueBy the end of 2025, Biscoff production expanded to three continents. We welcome that the new production facility in Thailand delivered its first volumes into the Asia-Pacific region.
We increase our Target Price to € 12 500 (from € 10 750) and maintain our Buy as profitability improved further, with REBITDA-margin exceeding 20%, an increase of more than 12% y/y. We will update our model as we noticed that the licence agreements with Mondelez strengthen Lotus's margin profile even further.
We saw in FY25 again a strong cash flow generation(REBITDA supported by the successful divestment of the participation in The Good Crisp Company by the FF2032 corporate venture fund) reduced NFD to 0.25x.
Lotus Bakeries will increase the gross dividend from € 76 to€ 90 per share.
Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.
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